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The Budget commits $74 billion in measures to support the economic recovery through our JobMaker Plan, coming on top of the initial overall support of $299 billion. The government’s JobMaker Plan will support economic activity and higher employment.
The Government’s Your Future, Your Super reforms will make the superannuation system better for members by ensuring your super follows you when you change jobs, introducing an online comparison tool, holding funds to account for underperformance, and increasing transparency and accountability.
The JobMaker Hiring Credit will be available to employers for 12 months from 7 October 2020 when they hire an eligible job seeker aged 16 to 35 to fill a newly created job.
The Government will pay $9 billion in Child Care Subsidy payments in 2020-21. The means-tested subsidy directs more financial support to lower and middle-income families. Families who have lost income or work during the COVID-19 pandemic and continue to use care will receive a higher level subsidy.
The Government’s HomeBuilder program is assisting the residential construction industry by encouraging Australians to build new homes or rebuild existing dwellings in 2020. HomeBuilder provides eligible owner-occupiers, including first home buyers, with a tax free grant of $25,000 to build a new home or to rebuild.
The Government is committed to supporting the mental health and wellbeing of all Australians. In this Budget, more than $148 million in additional funding is being provided for mental health supports to help individuals and communities through the pandemic. This brings the total funding for mental health to $5.7 billion in 2020‑21.
The Government is investing further in Australia’s training system and skills pipeline by committing an additional $1.2 billion to boost the number of new apprenticeships and traineeships.
The JobTrainer Fund will deliver training courses to fill skills gaps based on the agreement between participating states and territories and the National Skills Commission.
The Budget is accelerating the Personal Income Tax Plan to deliver an additional $17.8 billion in personal income tax relief.
More people are expected to enrol in tertiary study in response to the economic disruption caused COVID-19. The Government is committing $252 million to support delivery of 50,000 higher education short courses to meet increased demand.
Household electricity bills have fallen by 4.7 per cent since December 2018. The government will work with private providers to maintain lower prices by increasing generation capacity, investing in electricity infrastructure and working with the National Cabinet to ensure an efficient and integrated system is delivering for consumers.
The Government is embarking on the biggest reforms to Australia’s corporate insolvency system in nearly 30 years. The goal is to ensure our insolvency framework meets the needs of Australian small businesses, their creditors and their employees – keeping businesses in business and Australians in jobs.
The continued flow of credit is vital to Australia’s economic recovery. The Government is taking action to remove barriers to the flow of credit so consumers can continue to spend and businesses can invest and create jobs.
The Government is supporting families by extending the Paid Parental Leave scheme. This change will extend the work test period, providing access to Paid Parental Leave where eligibility has been impacted by COVID 19. As a result, an additional 9,000 individuals will gain eligibility to Parental Leave Pay and 3,500 to Dad and Partner Pay.
The Government is investing record funding in Australian schools so all students are equipped with the necessary skills for future study or work.
Funding for the aged care sector includes additional home care packages, training and support for workers, and COVID-19 support.
The Government continues to support hospital responses to COVID 19 by providing record funding to states and territories, including funding to keep private hospitals available in the public health response.
The Government is providing $1.7 billion to secure access to over 84.8 million doses of potential vaccines being developed by the University of Oxford and the University of Queensland. The Government is also investing $123.2 million to join the international COVAX facility, securing access to a large portfolio of potential vaccines and manufacturers around the world.
The Government is providing funding for primary care, including over $750 million for COVID-19 testing and $171 million for the continued operation of up to 150 dedicated respiratory clinics.
The Government is providing $112 million to continue temporary Medicare rebated telehealth services, ensuring access to GP consults, specialist appointments, mental health and other allied health services.
The Government is providing $16.8 billion to support new and existing income support recipients during the COVID-19 pandemic, with the temporary Coronavirus Supplement and expanded eligibility for income support payments.